Crypto News

Bitcoin Breaks Out: Surges Above $72,000 Amidst High Trading Activity

After a period of consolidation, Bitcoin (BTC) has made a significant price breakthrough, surging over 4% to reach $72,715 today.

Analysts, including Ali Martinez on X, attribute this surge to a rebound in Bitcoin’s price following a recent downswing, which resulted in approximately $72 million in liquidations as the price climbed back to $70,875.

Martinez suggests that Bitcoin is showing signs of breaking out, with a key level to watch being $70,800. If Bitcoin can maintain its position above this level, the next target is set at $85,000, with the current trading price hovering around $72,056.

Surge In Bitcoin ETFs Continues

Data from Santiment indicates that trading activity in Bitcoin exchange-traded funds (ETFs) remains robust, even four weeks after Bitcoin’s all-time high. 

Despite fluctuations, ETFs such as $GBTC, $IBIT, $FBTC, $ARKB, $BTCO, $BITB, and $HODL continue to experience high levels of trader activity. 

This sustained interest is particularly notable since late February, when individual trading activity surged and has remained consistently high since then.

Looking ahead, analysts anticipate continued high activity leading up to the April 19th halving event. However, there is speculation about whether there will be a drop-off in ETF volume and on-chain volume immediately following the event. 

While it remains uncertain how the market will react post-halving, market observers are closely monitoring trading patterns and volumes for potential insights into Bitcoin’s future price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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